The price movement of Huobi Token (HT) managed to climb 7% in the last 24 hours when cryptocurrency exchange company Huobi Global reportedly intends to expand its investment globally.
For the time being, the company will focus its development in Southeast Asia, Europe and not forgetting the Caribbean region which is a crypto hub as it has positive regulatory rules and an encouraging legal system.
It was further clarified that the branding will change from Huobi Global to "Huobi" in order to achieve its new goal of reaching the position of the three largest exchangers in the world.
In fact, Huobi will also hire more skilled people in the blockchain industry to develop HT and make it one of the rebranding efforts.
According to the previous explanation, HT is understood to have jumped 7% at $4.70 due to the following announcement, but the price is the same as other digital assets because it has experienced a decline from its all-time high price due to the FTX crisis.
Meanwhile, Tron founder Justin Sun admitted that he is the largest holder of HT because he owns tens of millions of tokens that he collected since 2013.
Sun, who serves on Huobi's Global Advisory Board, also expressed his excitement to work in the company and further restore its ecosystem.
Furthermore, he is also willing to develop Huobi in his home country if local regulators change their negative perspective on crypto.
As of yesterday, the HT token had reached a level of $5.25 before leveling off again this morning at around $4.90.
